GST rate reduced to zero from June 1: Tun Mahathir

16 May, 2018, 19:28 | Author: Regina Silva
  • GST rate reduced to zero from June 1: Tun Mahathir

The ministry of finance has just announced that Malaysia's goods and services tax (GST), now set at six percent, will be zero-rated come June 1, in line with the new Pakatan Harapan government's promise to abolish the tax within 100 days of it coming to power.

In a statement, today, the ministry stated that the imposition of GST at zero rate is applicable throughout the country until further notice.

This will apply to all goods and services from within Malaysia as well as imported items from overseas, with items exempted from GST in the Goods and Services Tax Act 2014 remaining unaffected by the new ruling (and thus continuing to be tax-free).

"Accordingly, all registered traders are required to comply with the latest zero rate imposition".

The MoF said the adjustment does not cover those goods and services that are already exempted from GST. "Among them are the issuance of tax invoices, the delivery of tax returns within the stipulated taxable period and input tax credit claims".

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Prior to being voted into power in the 14th general election, PH had promised that it would abolish the GST within 100 days of forming government.

"Whatever excess taxes collected under GST will be refunded", he told reporters at Yayasan Perdana, today.

The 6% GST came into effect on April 1, 2015.

Prime Minister Mahathir Mohamad said earlier that he had instructed the government to stop collecting GST.

Zeti said this could be done by re-prioritising projects, improving efficiency, cutting wastage in the public sector and by seeking new revenue sources.

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